# Capital Openness (Kaopen) Deep Dive

Dependent variable: gross_assets_gdp

| Model                      | Sample        |    N |   Countries | Z_1                     | kaopen             | Z_1×kaopen       |      R² |
|:---------------------------|:--------------|-----:|------------:|:------------------------|:-------------------|:-----------------|--------:|
| Z_1 × kaopen interaction   | Full          | 5174 |         174 | -232.3346 (283.1980)    | 10.3262** (4.7434) | 4.7216* (2.5818) |  0.0542 |
| Tercile: Closed (T1)       | 65 countries  | 1901 |          63 | 77.6593 (87.8016)       | —                  | —                |  0.058  |
| Tercile: Mid (T2)          | 55 countries  | 1676 |          54 | 1757.8902 (1092.4830)   | —                  | —                |  0.0202 |
| Tercile: Open (T3)         | 60 countries  | 1878 |          60 | -892.8924*** (271.0575) | —                  | —                |  0.0501 |
| Binary: Open (kaopen>0)    | 107 countries | 2444 |         105 | -442.8125 (539.0690)    | —                  | —                | -0.017  |
| Binary: Closed (kaopen<=0) | 142 countries | 2730 |         123 | 126.2134* (74.8758)     | —                  | —                |  0.1414 |